Resonant Capital Advisors LLC Increases Position in Devon Energy Co. (NYSE:DVN)

Resonant Capital Advisors LLC raised its position in Devon Energy Co. (NYSE:DVN) by 5.8% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 50,169 shares of the energy company’s stock after purchasing an additional 2,733 shares during the quarter. Resonant Capital Advisors LLC’s holdings in Devon Energy were worth $1,963,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Triad Wealth Partners LLC purchased a new stake in shares of Devon Energy during the second quarter worth $27,000. Tradewinds Capital Management LLC purchased a new stake in shares of Devon Energy during the first quarter worth $30,000. 1620 Investment Advisors Inc. purchased a new stake in shares of Devon Energy during the second quarter worth $34,000. PSI Advisors LLC increased its position in shares of Devon Energy by 66.7% during the second quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock worth $36,000 after acquiring an additional 300 shares during the period. Finally, LRI Investments LLC purchased a new stake in shares of Devon Energy during the first quarter worth $39,000. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Wells Fargo & Company reaffirmed a “sector outperform” rating on shares of Devon Energy in a research report on Friday. Morgan Stanley cut their price objective on Devon Energy from $55.00 to $51.00 and set an “overweight” rating on the stock in a research report on Monday, September 16th. BMO Capital Markets dropped their target price on Devon Energy from $52.00 to $48.00 and set an “outperform” rating on the stock in a report on Friday, October 4th. Piper Sandler dropped their target price on Devon Energy from $57.00 to $56.00 and set an “overweight” rating on the stock in a report on Tuesday, October 15th. Finally, Barclays dropped their target price on Devon Energy from $55.00 to $46.00 and set an “equal weight” rating on the stock in a report on Thursday, October 3rd. Nine equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, Devon Energy presently has a consensus rating of “Moderate Buy” and an average price target of $52.53.

Devon Energy Price Performance

Shares of DVN opened at $40.66 on Friday. Devon Energy Co. has a fifty-two week low of $37.76 and a fifty-two week high of $55.09. The company has a market capitalization of $25.70 billion, a price-to-earnings ratio of 7.76, a price-to-earnings-growth ratio of 1.27 and a beta of 2.02. The firm has a 50-day simple moving average of $42.15 and a 200-day simple moving average of $46.28. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.03 and a current ratio of 1.11.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share for the quarter, topping the consensus estimate of $1.26 by $0.15. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The business had revenue of $3.92 billion during the quarter, compared to the consensus estimate of $3.90 billion. During the same quarter in the prior year, the firm earned $1.18 earnings per share. The business’s quarterly revenue was up 13.4% compared to the same quarter last year. On average, equities research analysts anticipate that Devon Energy Co. will post 5.01 earnings per share for the current year.

Devon Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were paid a dividend of $0.22 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.88 annualized dividend and a dividend yield of 2.16%. Devon Energy’s dividend payout ratio (DPR) is 16.79%.

About Devon Energy

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.